Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1513 S State St Lockport, IL 60441

    Sponsored
    For Sale
    $1,200,000

    COMMERCIAL - Lockport, IL

    Type:Retail
    Lot size:
    0.08 Acres
    Days on Market:
    45
    Last Refresh:
    Jan 23 at 3:06 am

    Property Features for 1513 S State St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active
    Zoning
    COMMR
    APN
    1104233230050000
    Lot size
    0.08 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1987
    Floors in Building
    1
    Number of units
    4

    We can help!

    Listing Contact
    Melanie Aranda

    Exit Real Estate Specialists (815) 823-5478 [email protected]

    Listing agent Melanie Aranda (815) 557-5309

    Listing date Dec 10, 2025

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Lockport Retail Plaza For Sale

    This four-unit retail plaza is located on a corner at the intersection of State Street and Division Street in Lockport. The property features a mix of occupied and vacant units, offering immediate income potential with future upside. Two units are currently leased to established tenants, including a pizza restaurant and a liquor store. The location offers high visibility, easy access, and ample parking, complemented by stable surrounding businesses. The property is suitable for both owner-users and investors. The area's strong traffic counts and growth contribute to its potential as a long-term asset. The property is zoned COMMR. The second PIN 1104233230040000 holds other three properties 1525, 1527, 1529 S. State St. The property has 9,048 sq. ft. The lot size is 0.08 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Building Supply Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -88.0609118
    Latitude
    41.5829246

    Nearby Similar for Sale

    • $1,749,000
      0.08 Acres

      Downtown Lockport Mixed-Use Investment

      New construction mixed-use property with residential and commercial units.
      1016 State St, Lockport, IL 60441
      View Details
    • $1,749,900
      0.08 Acres

      Downtown Lockport Mixed-Use Investment

      New construction mixed-use property in downtown Lockport.
      1016 State St, Lockport, IL 60441
      View Details
    • $700,000

      Lockport Office Building Investment

      One-story office building with full basement and high-traffic location.
      16610 W 159 St, Lockport, IL 60441
      View Details
    • New
      $439,000
      0.44 Acres

      Lockport Multifamily Property with New Garage

      Multifamily property near historic downtown with new heated garage.
      1120 S Hamilton St, Lockport, IL 60441
      View Details
    • $876,000
      0.19 Acres

      Historic Building in Downtown Lockport

      Two-story, 6,264 SF building in Lockport's Historic District.
      921 S State St, Lockport, IL 60441
      View Details
    • $299,900
      0.44 Acres

      Lockport Commercial Building For Sale

      Three-unit commercial building near I-355 and downtown Lockport.
      14400 S Archer Ave, Lockport, IL 60441
      View Details
    • $389,900
      0.33 Acres

      Lockport Commercial Property on Main

      Commercial property in prime Lockport location with versatile C-2 zoning.
      704 E 9Th St, Lockport, IL 60441
      View Details
    • $120,000
      0.14 Acres

      Restaurant Opportunity Near Metra Station

      Fully operational restaurant for sale in downtown Lockport.
      1500 S State St, Lockport, IL 60441
      View Details
    • $750,000
      0.37 Acres

      Lockport Retail Storefront Investment Property

      Well-maintained retail building with two units in Lockport, Illinois.
      1240-1250 E 9Th St, Lockport, IL 60441
      View Details
    • $402,820

      New Contemporary Townhome in Lockport

      Three-bedroom townhome with modern design, open layout, and community amenities.
      14739 S Hillside Dr, Lockport, IL 60441
      View Details
    • $375,890
      1,840 SF

      New Three-Bedroom Townhome in Lockport

      New three-bedroom, 2.5 bath townhome with open floor plan.
      14741 S Hillside Dr, Lockport, IL 60441
      View Details
    • Contact for pricing
      3,620 SF

      Retail Property in Lockport, IL

      Newer construction retail property in a transit-oriented location.
      16732 W 159 St, Lockport, IL
      View Details

    FAQs

    What type of property is this?
    Strip mall - Four-unit retail plaza at a high-traffic intersection in Lockport.
    Where is this strip mall located?
    The property is located at 1513 S State St Lockport, IL.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: - High-traffic corner location at State St and Division St.; - Two units currently leased to established tenants (pizza restaurant and liquor store).; - Mix of occupied and vacant units offers immediate income and future upside potential.
    (815) 557-5309
    Request Owner's contact information
    1513 S State St Lockport, IL 60441
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1513 S State St
    Lockport, IL 60441
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1513 S State St Lockport, IL 60441
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Melanie Aranda
    Real Estate License ID: 475147387
    (815) 557-5309
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.